The surge of potential short squeeze plays has gained momentum in 2021 and continued throughout 2022, captivating the attention of new traders in search of lucrative opportunities.
Certain characteristics, such as high short interest and steep borrowing costs, have emerged as common indicators that could trigger a short squeeze.
Let’s take a closer look at the top five candidates for a short squeeze and some noteworthy stocks to keep an eye on this week, based on the Fintel short squeeze leaderboard.
Leading the pack this week is Baosheng Media Group Holdings (NASDAQ:BAOS). Data reveals that 25.2% of the float is short, with a borrowing cost of 202.8%. Notably, shares of this streaming marketing service provider have surged by an impressive 85% since the beginning of 2023.
Moving up one spot, Toro Corp (NASDAQ:TORO) claims the second position for the week. The data indicates that 47.8% of the float is short, showing a slight increase from last week’s 46.7%. The borrowing cost for TORO shares stands at 20.3%, a decline from the previous week’s 22.3%. It’s worth mentioning that this stock has previously topped the short squeeze leaderboard for several weeks in May and consistently appears in the top 10.
Securing the third position this week is Intuitive Machines (NASDAQ:LUNR), slipping down one rank. The data demonstrates that 21.6% of the float is short, showing a decrease from last week’s 25.0%. Additionally, the borrowing cost for LUNR shares is now at 235.7%, down from last week’s 266.5%.
For the third consecutive week, MoonLake Immunotherapeutics (NASDAQ:MLTX) holds the fourth spot on the leaderboard. The data indicates that a staggering 114.3% of the float is short, an increase from last week’s 85.4%. Furthermore, the borrowing cost for MLTX shares currently stands at 10.6%, down from 11.9% reported last week. Investors have witnessed an incredible surge in this clinical biotech company’s stock, with a 120% increase in the past month and a remarkable 422% surge year-to-date, driven by the positive topline results from its nanobody sonelokimab.
Finally, taking the fifth position on the short squeeze leaderboard is Getty Images Holdings (NYSE:GETY), rising by five spots. Data reveals that a significant 207.6% of the float is short, with a borrowing cost of 76.8%. Earlier this year, the image marketplace company held the top position on the short squeeze leaderboard for several weeks and has frequently been mentioned as a prime candidate for a short squeeze.
Moving beyond the top five short squeeze candidates, several other stocks are making notable moves:
AirSculpt Technologies (NASDAQ:AIRS) secures the sixth rank for the week, climbing nine positions. Data shows that 33.5% of the float is short, with a borrowing cost of 17.4%. Notably, this stock previously topped the short squeeze leaderboard in May and June.
Ocean Biomedical (NASDAQ:OCEA) makes a substantial leap of 51 positions on the leaderboard, securing the eighth spot for the week. The data indicates that 25.0% of the float is short, with a borrowing cost of 106.4%.
Claiming the tenth position for the week is Joann Inc (NASDAQ:JOAN), advancing by 26 positions. Data suggests that 19.4% of the float is short, with a borrowing cost of 60.6%. This retailer has been steadily climbing the short squeeze leaderboard in recent weeks.
Ranking 14th for the week, Beam Global (NASDAQ:BEEM) rises by 35 positions. The data reveals that 16.0% of the float is short, with a borrowing cost of 16.3%.
Finally, Minerva Neurosciences (NASDAQ:NERV) secures the 19th position for the week, climbing an impressive 645 positions on the leaderboard. Data indicates that 8.6% of the float is short, with a borrowing cost of 74.2%.
These stocks offer intriguing possibilities for traders and investors looking to capitalize on potential short squeeze opportunities.